Golden Goods Ltd is a Canadian importer that does business around the word. To obtain credit to do business in other countries, it has to present its financial statements to suppliers who assess the statements and decide whether to extend credit to Golden. Because of this, Golden prepares its financial statements using IFRS.
Your task as an employee of Golden Goods Ltd. is to complete two key financial statements.
Required
1. Calculate the missing amounts to complete the Golden Goods Ltd. income statement.
Show your calculations. + ($60,000) + ($15,000) = $487,000

2. Dividends paid during 2014 totalled $60,000. Calculate the missing amounts to complete the Golden Goods Ltd. statement of changes in equity. Show your calculations.

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GOLDEN G0ODS LTD Income Statement For the Year Ended December 31, 2014 Sales revenue Cost of goods sold Gross margin Operating expenses (isted individually) Operating income Other gains (losses) $800,000 380,000 342,000 Gain on sale of land $80,000 Loss due to labour dispute Income from continuing operati Income tax expense Incom Discontinued operations ons before income tax 51,000 e from continuing operations Operating loss, $60,000, plus income tax saving of $21,000 Gain on disposal, $21,000, less income tax of $7,000 14,000 S Net income Earnings per common share: (20,000 shares outstanding) Income from continuing operations Income from discontinued operations Net income GOLDEN G00DS LTD Statement of Changes in Equity For the Year Ended December 31, 2014 Contributed Surplus- Share Total Share Common Shares Repurchases Earnings $160,000 Retained holders' Equity $400,000 Balance, December 31, 2013 Issuance of shares Net income Cash dividends Repurchase Balance, December 31, 2014 SA 5,000 $5,000 of common shares (20,000) $240,000 $D